Maybe you are right - just checked the substantial shareholder disclosure rules - they would need to send a notice within 2 business days of any change over 1%...
So, presumably, it must be someone else who is not already a substantial holder (as they have no disclosure obligations until they reach 5%).
That could be good on two fronts - 1) it means that Grays have not averaged down and 2) there is another mysterious significant buyer about...
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Maybe you are right - just checked the substantial shareholder...
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